Carisma Therapeutics, Inc. (CARM) Revenue History
Annual and quarterly revenue from 2011 to present
CARM Revenue Over Time (2011–2024)
CARM Revenue Growth History
5 of 9 years with positive growth- FY2011 revenue growth
- N/A
- FY2012 revenue growth
- N/A
- FY2013 revenue growth
- N/A
- FY2014 revenue growth
- +68.1%
- FY2015 revenue growth
- -55.9%
- FY2016 revenue growth
- +2928.4%
- FY2017 revenue growth
- -98.6%
- FY2018 revenue growth
- -100.0%
- FY2019 revenue growth
- N/A
- FY2020 revenue growth
- N/A
- FY2021 revenue growth
- +136.2%
- FY2022 revenue growth
- -63.0%
- FY2023 revenue growth
- +51.7%
- FY2024 revenue growth
- +31.6%
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2025 | $45.3M | +1236.8% |
| Q2 2025 | $0 | -100.0% |
| Q1 2025 | $3.7M | +9.8% |
| Q4 2024 | $3.7M | -14.8% |
| Q3 2024 | $3.4M | -11.5% |
| Q2 2024 | $9.2M | +158.3% |
| Q1 2024 | $3.4M | +4.7% |
| Q4 2023 | $4.3M | +15.0% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2024)
CARM's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
CARM Revenue Analysis (2011–2024)
Current Revenue & Growth
As of June 19, 2026, Carisma Therapeutics, Inc. (CARM) generated trailing twelve-month (TTM) revenue of $52.6 million, reflecting explosive growth of +1236.8% year-over-year. The most recent quarter (Q3 2025) recorded $45.3 million in revenue
Historical Growth Trajectory
CARM's historical revenue data shows a 3-year CAGR of -9.6%. Carisma Therapeutics, Inc.'s highest annual revenue of $30.0 million was recorded in 2016.
Revenue by Segment
CARM's revenue is primarily driven by Milestones (100%). With over half of revenue concentrated in Milestones, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Healthcare sector peers — including MGTX (+131.1% YoY), FATE (-52.6% YoY), and BEAM (+108.0% YoY) — CARM has outperformed the peer group in revenue growth. Compare CARM vs MGTX →
CARM Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
 CARMCurrent | $53M | +1236.8% | - | -316.7% | |
 MGTX | $81M | +131.1% | +39.2% | -130.2% | |
 FATE | $7M | -52.6% | -26.7% | -2222.4% | |
 BEAM | $140M | +108.0% | +466.3% | -274.6% | |
 NTLA | $68M | +45.0% | +3.1% | -651.7% |
CARM Historical Revenue Data (2011–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $19.6M | +31.6% | $-40,041,000 | -204.0% | $-62,179,000 | -316.7% |
| 2023 | $14.9M | +51.7% | $-59,206,000 | -396.8% | $-88,731,000 | -594.8% |
| 2022 | $9.8M | -63.0% | $9.8M | 100.0% | $-56,162,000 | -571.1% |
| 2021 | $26.5M | +136.2% | $26.5M | 99.7% | $-28,161,000 | -106.1% |
| 2020 | $11.2M | - | $11.2M | 100.0% | $-28,378,000 | -252.6% |
| 2019 | $0 | - | $-219,000 | - | $-36,871,000 | - |
| 2018 | $0 | -100.0% | $-208,000 | - | $-25,700,000 | - |
| 2017 | $425K | -98.6% | $425K | 100.0% | $-19,985,000 | -4702.4% |
| 2016 | $30.0M | +2928.4% | $30.0M | 100.0% | $6.2M | 20.6% |
| 2015 | $990K | -55.9% | $990K | 100.0% | $-35,196,000 | -3555.2% |
| 2014 | $2.2M | +68.1% | $2.2M | 100.0% | $-32,931,000 | -1468.2% |
| 2013 | $1.3M | - | $1.3M | 100.0% | $-16,625,000 | -1246.3% |
| 2012 | $0 | - | $0 | - | $-19,489,000 | - |
| 2011 | $0 | - | $0 | - | $-12,675,000 | - |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
15+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
CARM — Frequently Asked Questions
Quick answers to the most common questions about buying CARM stock.
Is CARM's revenue growth accelerating or slowing?
CARM revenue growth is accelerating. TTM revenue reached $53M, up +1236.8% year-over-year — ahead of the 5-year CAGR of N/A. This indicates the business is expanding faster than its historical baseline.
What is CARM's revenue history from 2011 to 2026?
Carisma Therapeutics, Inc. (CARM) revenue history spans 2011 to 2026. TTM revenue as of 2026 is $53M, growing at +1236.8% YoY. The 5-year CAGR is N/A. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is CARM's long-term revenue growth rate (CAGR)?
Carisma Therapeutics, Inc.'s 5-year revenue CAGR of N/A reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +1236.8% is above this long-term average. CAGR is the most reliable measure of sustained revenue momentum for CARM.
Why does CARM's quarterly revenue fluctuate?
CARM quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Carisma Therapeutics, Inc.'s revenue data from 2011 to 2026 shows full historical quarterly detail on this page.
How is CARM's revenue distributed by segment?
CARM reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does CARM's revenue compare to industry peers?
Carisma Therapeutics, Inc. (CARM) with TTM revenue of $53M and +1236.8% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.